CIBC

CIBC

February 24, 2005 11:14 ET

CIBC to Issue Preferred Shares


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CIBC

TSX SYMBOL: CM
NYSE SYMBOL: BCM

FEBRUARY 24, 2005 - 11:14 ET

CIBC to Issue Preferred Shares

TORONTO, ONTARIO--(CCNMatthews - Feb. 24, 2005) - CIBC
(TSX:CM)(NYSE:BCM) today announced that it had entered into an agreement
with a group of underwriters led by CIBC World Markets Inc. for an issue
of 12 million non-cumulative Class A preferred shares Series 30 (the
"Series 30 Shares") priced at $25.00 per Series 30 Share to raise gross
proceeds of $300 million.

CIBC has granted the underwriters an option, exercisable in whole or in
part prior to closing, to purchase an additional 4 million Series 30
Shares at the same offering price. Should the underwriters' option be
fully exercised, the total gross proceeds of the financing will be $400
million.

The Series 30 Shares will yield 4.80% annually and are redeemable by
CIBC, subject to regulatory approval, at a declining premium after
approximately five years for cash.

The expected closing date for the issue of the Series 30 Shares is March
10, 2005. The net proceeds of this offering will be used for general
purposes of CIBC.

The securities being offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an
offer to sell securities in the United States.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    CIBC
    Rachel Gauci
    Director, Investor Relations
    (416) 980-3341
    or
    CIBC
    Emily Pang
    Senior Director, Investor & Financial Communication
    (416) 980-3512