CM.PR.L Closes – A Little Wobbly but Fine

CIBC has announced:

that it completed the offering of 13 million non-cumulative Rate Reset Class A Preferred Shares Series 35 (the “Series 35 Shares”) priced at $25.00 per share to raise gross proceeds of $325 million.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. Following the successful sale of the previously announced 10 million Series 35 Shares, the underwriters exercised an option to purchase an additional 3 million shares. The Series 35 Shares commence trading on the Toronto Stock Exchange today under the ticker symbol CM.PR.L.

The Fixed-Reset 6.50%+447 was announced last week with an original size of 8-million shares plus a 3-million greenshoe, quickly bumped up to 10+3.

Today it traded 432,749 shares in a range of 24.60-94 before settling at 24.90-93, 20×21. The issue has been added to the HIMIPref™ Fixed-Reset subindex.

4 Responses to “CM.PR.L Closes – A Little Wobbly but Fine”

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