By William Gullotti
Buffalo, N.Y., April 30 – Canadian Imperial Bank of Commerce priced $83.6 million of autocallable Strategic Accelerated Redemption Securities due April 26, 2030 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
CIBC sold 8,360,461 units with a face amount of $10 each, for a total principal amount of $83,604,610. The issuer sold 372,085 units to an individual investor at $9.95 per unit and the remainder to the public at par of $10, for total proceeds of $83,586,005.75.
The notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 7.81% per year.
If the notes are not called and the index finishes at or above its 85% threshold level, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable Strategic Accelerated Redemption Securities
|
| Underlying index: | S&P 500 index
|
| Principal amount: | $83,604,610
|
| Proceeds: | $83,586,005.75
|
| Maturity: | April 26, 2030
|
| Coupon: | 0%
|
| Price: | $9.95 per unit for 372,085 units; par of $10 for remainder
|
| Payout at maturity: | If index finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline below threshold
|
| Call: | Notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 7.81% per year
|
| Initial level: | 5,048.42
|
| Threshold level: | 4,291.16; 85% of initial level
|
| Pricing date: | April 25
|
| Settlement date: | May 2
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.5% for 372,085 units; 2% for remainder
|
| Cusip: | 13608P822
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