India, July 9 -- CIBC (CM,CM.TO) announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) or the "LRCNs".
The LRCNs will bear interest at a rate of 7.000% annually, payable quarterly, for the initial period ending on, but excluding, October 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 3.000%. The LRCNs will mature on October 28, 2085. The expected closing date of the offering is July 14, 2025.
CIBC said it will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 62 Non-Viability Contingent Capita...