By Wendy Van Sickle
Columbus, Ohio, March 7 – Canadian Imperial Bank of Commerce priced $50 million of fixed-to-floating-rate notes due March 7, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.5% for the first six months, then converts to the two-year U.S. dollar SOFR ICE swap rate plus 100 basis points, subject to a floor of 0%. Interest is payable monthly.
The payout at maturity will be par.
CIBC Capital Markets. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $50 million
|
| Maturity: | March 7, 2025
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| Coupon: | 5.5% for first six months, then two-year U.S. dollar SOFR ICE swap rate plus 100 bps, subject to a floor of 0%; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | March 3
|
| Settlement date: | March 7
|
| Agent: | CIBC Capital Markets.
|
| Fees: | 0.42%
|
| Cusip: | 13607XFX0
|
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