Canadian Imperial Bank Of Commerce (TSE:CM) has released an update.
CIBC has announced a new offering of $500 million in Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares, with an annual yield of 7.334% and a semi-annual dividend payout. The offering targets institutional investors and is set to close on March 12, 2024. Proceeds from the sale will support CIBC’s general business purposes.
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