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CIBC to redeem all 3.00% subordinated debentures

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CIBC to redeem all 3.00% subordinated debentures

Canadian Imperial Bank of Commerce intends to redeem all C$1 billion of its 3.00% subordinated debentures due Oct. 28, 2024, at 100% of the principal amount plus accrued and unpaid interest up to but excluding the redemption date.

The company plans to redeem the debentures Oct. 28 and will finance the redemption using its general funds.

Interest on the debentures will cease to accrue from the redemption date.