By Wendy Van Sickle
Columbus, Ohio, June 30 – Canadian Imperial Bank of Commerce priced $12.28 million of 6.5% STEP Income Securities due July 13, 2018 linked to Facebook, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Facebook stock finishes at or above the step level – 106.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 4.25%.
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: | Facebook, Inc. (Nasdaq: FB)
|
| Amount: | $12,278,140
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| Maturity: | July 13, 2018
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| Coupon: | 6.5%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If Facebook stock finishes at or above step level, par plus 4.25%; if stock gains by up to step level, par; otherwise, investors will be exposed to any losses
|
| Initial share price: | $150.76
|
| Step level: | $160.56, 106.5% of initial level
|
| Pricing date: | June 29
|
| Settlement date: | July 7
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 13607R241
|
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