CIBC has increased tthe size of the offering of its Series 35 Shares to 10 million shares as a result of strong investor demand, the bank said Tuesday.
The gross proceeds of the offering of non-cumulative Rate Reset Class A Preferred Shares, Series 35 will now be $250 million.
In addition, CIBC has granted the underwriters an option, exercisable in whole or in part prior to closing, to purchase up to an additional 3 million Series 35 Shares at a price of $25 s share. Should the underwriters’ option be fully exercised, the total gross proceeds of the financing will be $325 million. The offering will be underwritten by a syndicate led by CIBC World Markets Inc.
The expected closing date is Feb. 4. The net proceeds of this offering will be used for general purposes of CIBC.
IE
CIBC increases size of preferred share issue
- By: IE Staff
- January 28, 2009 January 28, 2009
- 08:50
IE Staff