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Canadian Imperial Bank Of Commerce (Toronto, Ontario) | Non-cumulative Rate Reset Class A Preferred Shares Series 35 (CM.PRL.CA)
Prospectus excerpt: The holders of non-cumulative Rate Reset Class A Preferred Shares Series 35 (the "Series 35 Shares") of Canadian Imperial Bank of Commerce ("CIBC") will be entitled to receive fixed quarterly non-cumulative preferential cash dividends, as and when declared by the board of directors of CIBC (the “Board of Directors”) for the initial period from and including the closing date of this offering to but excluding April 30, 2014 (the “Initial Fixed Rate Period”) payable quarterly on the 28th day of January, April, July and October at an annual rate of 6.5% per share, or $0.40625 per share per Quarter. The initial dividend, if declared, will be payable on April 28, 2009 and will be $0.37842 per share based on the anticipated closing date of February 4, 2009. See “Details of the Offering”. For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of Series 35 Shares will be entitled to receive fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the 28th day of January, April, July and October in each year, in the amount per share per annum determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by CIBC on the 30th day prior to the first day of such Subsequent Fixed Rate Period and will be equal to the sum of the Government of Canada Yield (as defined herein) on the date on which the Annual Fixed Dividend Rate is determined plus 4.47%. See “Details of the Offering”. Full Prospectus PDF », CM.CA Page »
Series: | 35 | Alternate symbology: | CM-L.CA, CM-PL.CA, CMprL.CA | Redeemable?: | Yes | Call Date: | 4/30/2014 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Conversion Ratio: | Subject to CIBC’s right to redeem all of the Series 35 Shares, the holders of Series 35 Shares will have the right, at their option, to convert their Series 35 Shares into non-cumulative Floating Rate Class A Preferred Shares Series 36 of CIBC (the “Series 36 Shares”), subject to certain conditions, on April 30, 2014 and on April 30th every five years thereafter. The holders of Series 36 Shares will be entitled to receive floating rate non-cumulative preferential cash dividends, as and when declared by the Board or Directors, payable quarterly on the 28th day of January, April, July and October in each year (the initial quarterly dividend period and each subsequent quarterly dividend period is referred to as a “Quarterly Floating Rate Period”), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 4.47% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”. | Shares Offered: | 10000000 | Overallotment: | 3000000 | Liquidation Preference: | $25 | Original Coupon: | 6.50% | Pay Period: | Quarterly | Pay Dates: | 28-Jan, 28-Apr, 28-Jul, 28-Oct | CDx3 Compliance Rating: |
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Canadian Imperial Bank of Commerce is a financial institution. Co.'s business units are: Canadian Personal and Business Banking, which provides financial advice, services and solutions; Canadian Commercial Banking and Wealth Management, which provides banking and wealth management services, as well as asset management services; United States Commercial Banking and Wealth Management, which provides commercial banking and private wealth services, as well as personal and small business banking services; and Capital Markets, which provides global markets products and services, investment banking advisory and execution, corporate banking solutions and research. Preferreds: CM.PRD.CA, CM.PRE.CA, CM.PRG.CA, CM.PRK.CA, CM.PRL.CA, CM.PRM.CA Open the CM.CA Information Page »
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Name: |
Canadian Imperial Bank Of Commerce (Toronto, Ontario) |
Website: |
www.cibc.com |
Sector: |
Banking & Savings |
Number of ETFs Holding CM.CA: |
2 (see which ones) |
Total Market Value Held by ETFs: |
$51,916,092 |
Total Market Capitalization: |
$37,776,000,000 |
% of Market Cap. Held by ETFs: |
0.14% |
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