DALLAS, June 19, 2018 /PRNewswire/ -- Swank Capital,
LLC and Cushing® Asset Management, LP announce an upcoming
interim change to the constituents of The Cushing®
MLP Market Cap Index (the "Index"). On March
26, 2018, Index constituents Tallgrass Energy GP, LP (NYSE:
TEGP) and Tallgrass Energy Partners, LP (NYSE: TEP) entered
into an Agreement and Plan of Merger wherein TEGP would acquire
TEP, subject to the approval of TEP unitholders. Under the terms of
the proposed transaction, TEGP would terminate the master limited
partnership ("MLP") structure of TEP and absorb it as a
wholly-owned subsidiary within a publicly traded limited
partnership treated as a C-corporation for income tax purposes;
consequently, TEGP would cease to have an interest as a holder of
general partner or limited partner units in an MLP and would, per
the Methodology Guide for the Index, no longer be eligible for
inclusion in the Index.
A special meeting of the TEP unitholders is scheduled for
June 26, 2018, for the purpose of
considering and voting on the proposed transaction. Per the Index's
Methodology Guide, after the market closes on June 26, 2018, and effective on June
27, 2018, the following changes to the Index will take
place:
Cushing® MLP High
Income Index changes, effective June 27,
2018:
Constituent
Removed
|
Replacement
Constituent
|
Tallgrass Energy GP,
LP
|
TEGP
|
EnLink Midstream,
LLC
|
ENLC
|
Tallgrass Energy
Partners, LP
|
TEP
|
Western Gas Equity
Partners, LP
|
WGP
|
Each replacement constituent will be added at the then-current
weight of the removed constituent. There will be no changes to the
remaining constituents of the Index.
ABOUT THE CUSHING®
MLP MARKET CAP INDEX
The Cushing® MLP
Market Cap Index tracks the performance of widely held master
limited partnerships (MLPs). The Index is weighted on a
float-adjusted market capitalization basis, with the weight of each
constituent capped at 7.5% at rebalance. The Index price level is
calculated by S&P Dow Jones Indices while the constituents are
selected from the entire universe of publicly traded MLPs.
The Cushing® MLP Market
Cap Index is calculated by S&P Dow Jones Indices and reported
on a real-time basis under the Bloomberg ticker "CMCI".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset
Management, LP ("Cushing"), a
subsidiary of Swank Capital, LLC, is an SEC-registered investment
adviser headquartered in Dallas,
Texas. Cushing serves as
investment adviser to affiliated funds and managed accounts which
invest primarily in securities of MLPs and other natural resource
companies.
Cushing is also dedicated to
serving the needs of MLP and energy income investors by sponsoring
a variety of industry benchmarks, including The Cushing® 30 MLP Index (Bloomberg
Ticker: MLPX), The Cushing® MLP High Income Index
(Bloomberg Ticker: MLPY) ), The Cushing® Energy Index (Bloomberg
Ticker: CENI), The Cushing® Energy Supply Chain Index
(Bloomberg Ticker: CSCI), The Cushing® Transportation Index
(Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg
Ticker: CUTI). For more information, please visit
http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® MLP Market Cap Index (the "Index") is the exclusive
property of Swank Capital, LLC, and Cushing Asset Management, LP,
which have contracted with S&P Opco, LLC (a subsidiary of
S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to
calculate and maintain the Index. S&P® is a registered
trademark of Standard & Poor's Financial Services LLC ("SPFS");
Dow Jones® is a registered trademark of Dow Jones Trademark
Holdings LLC ("Dow Jones"); and, these trademarks have been
licensed to S&P Dow Jones Indices. "Calculated by S&P Dow
Jones Indices" and its related stylized mark(s) have been licensed
for use by Cushing Asset Management, LP. Neither S&P Dow Jones
Indices, SPFS, Dow Jones nor any of their affiliates sponsor and
promote the Index and none shall be liable for any errors or
omissions in calculating the Index.
CUSH-CMCI
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SOURCE Cushing Asset Management, LP; Swank Capital, LLC