By Marisa Wong
Morgantown, W.Va., May 1 – Canadian Imperial Bank of Commerce priced $12.16 million of 7.5% STEP Income Securities due May 10, 2019 linked to Home Depot, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Home Depot stock finishes at or above the step level – 107.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 2.6%.
If the stock finishes below the step level but at or above the initial level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Home Depot, Inc. (Symbol: HD)
|
| Amount: | $12,155,690
|
| Maturity: | May 10, 2019
|
| Coupon: | 7.5%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If Home Depot stock finishes at or above step level, par plus 2.6%; if stock gains by up to step level, par; otherwise, investors will be exposed to any losses
|
| Initial share price: | $184.05
|
| Step level: | $197.85, 107.5% of initial level
|
| Pricing date: | April 26
|
| Settlement date: | May 3
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 3606M540
|
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