By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., April 25 – Canadian Imperial Bank of Commerce priced $2.25 billion of senior notes due in 2025 and 2028, according to an FWP filed with the Securities and Exchange Commission.
The $1.25 billion of 5.144% senior notes due April 28, 2025 priced at par, or at Treasuries plus 103 basis points. Price talk was in the Treasuries plus 130 bps to 135 bps area, a source said.
The $1 billion of 5.001% senior notes due April 28, 2028 priced at par, or at Treasuries plus 142 bps. Price talk was in the 165 bps area.
The 2025 notes are redeemable anytime at par only in the case of Canadian taxation events.
The 2028 notes are callable with a Treasuries plus 25 bps make-whole premium until March 28, 2028 and then for the last month at par. They are also callable anytime at par in the case of Canadian taxation events.
The notes are bail-inable notes.
The bank initially announced the deal as a three-tranche offering with a floating-rate tranche.
CIBC Capital Markets, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners. Goldman Sachs & Co. LLC is a passive bookrunner.
Proceeds will be used for the bank’s general corporate purposes.
The diversified financial institution is based in Toronto.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Amount: | $2.25 billion
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| Issue: | Senior notes
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| Bookrunners: | CIBC Capital Markets, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Goldman Sachs & Co. LLC
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| Co-managers: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., MUFG Securities Americas Inc., Mizuho Securities USA LLC, Wells Fargo Securities, LLC and Loop Capital Markets LLC
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Blake, Cassels & Graydon LLP and Mayer Brown LLP
|
| Counsel to bookrunners: | Allen & Overy LLP
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| Pricing date: | April 24
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| Settlement date: | April 28
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| Distribution: | SEC registered
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|
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| 2025 notes
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| Amount: | $1.25 billion
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| Maturity: | April 28, 2025
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| Coupon: | 5.144%
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| Price: | Par
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| Yield: | 5.144%
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| Spread: | Treasuries plus 103 bps
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| Price talk: | Treasuries plus 130 bps to 135 bps area
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| Cusip: | 13607LNF6
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| 2028 notes
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| Amount: | $1 billion
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| Maturity: | April 28, 2028
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| Coupon: | 5.001%
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| Price: | Par
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| Yield: | 5.001%
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| Spread: | Treasuries plus 142 bps
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| Call feature: | Make-whole premium at Treasuries plus 25 bps until March 28, 2028; after at par
|
| Price talk: | Treasuries plus 165 bps area
|
| Cusip: | 13607LNG4
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