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CIBC upsizes preferred shares offering to C$325M

Toronto-based Canadian Imperial Bank of Commerce increased the size of its public offering of Basel III-compliant noncumulative rate reset class A preferred shares, series 49, to 13 million shares.

The gross proceeds from the offering will now be C$325 million, and the net proceeds will be used for general corporate purposes.

A syndicate led by CIBC Capital Markets will be the underwriter for the offering, which is expected to close Jan. 22.