Bank to redeem all of the 3.75% debentures due on Sept. 9
Source: The Canadian Press
CIBC (TSX:CM) plans to buy back $1.3 billion in debt that’s set to mature in September.
Canada’s fifth largest bank said Monday that it would pay 100 per cent of the principal amount, plus accrued interest, to redeem all of the 3.75% debentures due on Sept. 9.
The redemption would be financed through the bank’s general corporate funds, it said.
Shares in CIBC rose 82 cents to $69.22 on the Toronto Stock Exchange.
The company refuted a media report that a sale could be in the works
Shareholders to get $32 per share in cash, a 33% premium relative to the last closing price
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