On June 17, 2004, the Canadian Imperial Bank of Commerce completed a public offering of 13,250,000 preferred share units, each consisting of one series 28 preferred share and one series 29 preferred share purchase warrant, at $10 per unit, for gross proceeds of $132.5 million. The holder of a series 28 preferred share will have the right to convert on November 1, 2004, February 1 and May 1, 2005, such series 28 preferred share into 0.4 of a series 29 preferred share, provided the holder concurrently exercises one warrant. Each warrant will entitle the holder to acquire 0.6 of a series 29 preferred share upon payment of $15 per warrant. Consequently, each unit will entitle the holder to obtain one series 29 preferred share on the applicable conversion date. The gross proceeds will be used for general purposes of CIBC. Upon conversion of all of the series 28 preferred shares, together with the exercise of all of the series 29 preferred share purchase warrants and the additional cash payment associated therewith, CIBC will receive additional gross proceeds of $198.75 million.
The offering was made through a syndicate of underwriters led by CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc. and Trilon Securities Corp.
CIBC was represented by in-house counsel Eddy Mezzetta and by Blake, Cassels & Graydon, with a team that included Ernest McNee, Mario Josipovic and Mark Rushton (securities) and Chris Van Loan (tax). The underwriters were represented by Stikeman Elliott, with a team that included Philip Henderson and Greg Hogan (corporate and securities) and Lianne Miller (tax).
The offering was made through a syndicate of underwriters led by CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc. and Trilon Securities Corp.
CIBC was represented by in-house counsel Eddy Mezzetta and by Blake, Cassels & Graydon, with a team that included Ernest McNee, Mario Josipovic and Mark Rushton (securities) and Chris Van Loan (tax). The underwriters were represented by Stikeman Elliott, with a team that included Philip Henderson and Greg Hogan (corporate and securities) and Lianne Miller (tax).
