Canadian Imperial Bank of Commerce has announced:
its intention to redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 39 (Non-viability contingent capital (NVCC)) (Series 39 shares) (TSX: CM.PR.O), for cash. The redemption will occur on July 31, 2024. The redemption price is $25.00 per Series 39 share.
The $0.232063 quarterly dividend announced on May 30, 2024 will be the final dividend on the Series 39 shares and will be paid on July 29, 2024, covering the period to July 31, 2024, to shareholders of record on June 28, 2024.
Holders of the Series 39 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.
CM.PR.O was issued as a FixedReset, 3.90%+232, NVCC-compliant, that commenced trading 2014-6-11 after being announced 2014-6-2. The extension was announced 2019-6-12. The issue reset At 3.713% effective July 31, 2019. I recommended against conversion and there was no conversion. This redemption was foreshadowed by CM’s issuance of LRCNs “for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC”, which was interpreted by the Street as meaning redemption of CM.PR.O and CM.PR.Y. CM.PR.O is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Readers PS and IrateAR for bringing this to my attention!
This entry was posted on Thursday, June 20th, 2024 at 7:21 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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CM.PR.O To Be Redeemed
Canadian Imperial Bank of Commerce has announced:
CM.PR.O was issued as a FixedReset, 3.90%+232, NVCC-compliant, that commenced trading 2014-6-11 after being announced 2014-6-2. The extension was announced 2019-6-12. The issue reset At 3.713% effective July 31, 2019. I recommended against conversion and there was no conversion. This redemption was foreshadowed by CM’s issuance of LRCNs “for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC”, which was interpreted by the Street as meaning redemption of CM.PR.O and CM.PR.Y. CM.PR.O is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Readers PS and IrateAR for bringing this to my attention!
This entry was posted on Thursday, June 20th, 2024 at 7:21 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.