The Canadian Imperial Bank of Commerce has announced:
it completed the offering of 12 million non-cumulative Rate Reset Class A Preferred Shares Series 33 (the “Series 33 Shares”) priced at $25.00 per share to raise gross proceeds of $300 million.
The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. Following the successful sale of the initially announced 9 million Series 33 Shares, the underwriters exercised an option to purchase an additional 3 million shares. The Series 33 Shares commence trading on the Toronto Stock Exchange today under the ticket symbol CM.PR.K.
This issue was announced on August 27.
I must say, it looks like these things are easy to sell, despite the various doubts (which include my own!), given that the $75-million greenshoe was fully exercised.
The issue traded 390,289 shares today in a range of 24.80-00, closing at 24.95-97, 30×8.
CM.PR.K has been added to the HIMIPref™ Fixed-Reset Index.