CIBC Issues $1.1B of Debentures

On April 30, 2010, Canadian Imperial Bank of Commerce completed the offer and sale of $1.1 billion aggregate principal amount of 4.11 per cent Debentures due April 30, 2020 (subordinated indebtedness). The Debentures bear interest at a fixed rate of 4.11 per cent per annum (paid half-yearly) until April 30, 2015, and, if not redeemed by CIBC, at the three-month bankers' acceptance rate plus 1.90 per cent per annum (paid quarterly) thereafter until maturity on April 30, 2020. The net proceeds of the offering will be used for general corporate purposes of CIBC.

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

CIBC was represented by in-house counsel Eddy Mezzetta and by Ernest McNee, Michael Smith and Kym Zelinski (securities) and Chris Van Loan (tax) of Blake, Cassels & Graydon LLP.

The dealers were represented by Philip Henderson and Paul Rakowski (securities) and Jonathan Willson (tax) of Stikeman Elliott LLP.


Jonathan W. Willson Christopher R.J. Van Loan Philip J. Henderson Eddy Mezzetta Michael Smith Ernest McNee Paul Rakowski Kym Zelinski