CIBC Completes $400M Offering

On March 10, 2005, Canadian Imperial Bank of Commerce (CIBC) completed a public offering of 16 million series 30 preferred shares for gross proceeds of $400 million pursuant to its existing shelf prospectus. The series 30 preferred shares were priced at $25 to yield 4.8 per cent.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc. and Trilon Securities Corp.

CIBC was represented by in-house counsel Eddy Mezzetta, and by Blake, Cassels & Graydon LLP with a team that included Ernest McNee and Mark Rushton (securities) and Chris Van Loan (tax). The underwriters were represented by Stikeman Elliott LLP with a team that included Philip Henderson and Greg Hogan (securities) and Lianne Miller (tax).