Canadian Imperial Bank of Commerce (CM) said Thursday that it will redeem all 750 million Canadian dollars ($544.8 million) of its 4.375% limited recourse capital notes series 1.
The notes will be redeemed at full principal amount together with accrued and unpaid interest on Sept. 29, the company said.
The redemption will be financed out of the bank's general corporate funds, CIBC added.
Shares of the company were up 4.7% in recent premarket activity Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.