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CIBC plans 9% STEP Income Securities tied to D.R. Horton common stock
By Devika Patel
Knoxville, Tenn., July 10 – Canadian Imperial Bank of Commerce plans to price 9% STEP Income Securities due August 2019 linked to D.R. Horton, Inc. common shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of D.R. Horton shares finish at or above the step level – 109% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.
If the stock finishes at or above the initial level but below the step level, the payout at maturity will be par.
Investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
The notes will price in July and settle in August.
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