By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – Canadian Imperial Bank of Commerce priced $22 million of floating-rate notes due Feb. 24, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be equal to the one-year U.S. dollar SOFR ICE swap rate plus 70 basis points. Interest will be payable monthly and cannot be less than 0%.
The payout at maturity will be par.
CIBC Capital Markets is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Floating-rate notes
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Amount: | $22 million
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Maturity: | Feb. 24, 2025
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Coupon: | One-year U.S. dollar SOFR ICE swap rate plus 70 bps, subject to a floor of 0%; payable monthly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Jan. 22
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Settlement date: | Jan. 24
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Agent: | CIBC Capital Markets
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Fees: | 0.128%
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Cusip: | 13607XQ34
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