DALLAS, Sept. 18, 2020 /PRNewswire/
-- Cushing® Asset Management, LP, and Swank
Capital, LLC, announce two upcoming interim changes to
constituents of The Cushing® MLP High Income Index (the
"Index"), as follows:
On July 26, 2020, Index
constituent CNX Midstream Partners LP (NYSE: CNXM) entered
into an Agreement and Plan of Merger ("Merger Agreement") with CNX
Resources Corporation (NYSE: CNX) and affiliated companies that
would result in CNXM common units ceasing to be publicly traded,
subject to the approval of the holders of CNXM common units and
Class B units. Entities representing a majority of CNXM common
units and Class B units have agreed to deliver written consents
approving the Merger Agreement within the unitholder consent
period, which may terminate as early as September 25, 2020. Per the Index's methodology
guide, this event will result in a constituent replacement.
Accordingly, after the market closes on September 25, 2020, and effective on September 28, 2020, Enviva Partners, LP
(NYSE: EVA) will replace CNXM as a constituent of the Index at
CNXM's then-current weight.
On July 13, 2020, Black Stone
Minerals, L.P. (NYSE: BSM) was added as a constituent of the Index
despite being ineligible for inclusion in the Index due to a
distribution cut announcement made on February 5, 2020. After the market closes on
September 25, 2020, and effective on September 28, 2020, Targa Resources Corp. (NYSE:
TRGP) will replace BSM at BSM's then-current
weight.
There will be no changes to the remaining constituents of the
Index due to these events.
ABOUT THE CUSHING®
MLP HIGH INCOME INDEX
The Cushing® MLP
High Income Index provides a benchmark that is designed to track
the performance of 30 higher-yielding publicly traded midstream
energy infrastructure companies, including master limited
partnerships (MLPs) and non-MLP energy midstream corporations
(each, a "Midstream Company" and collectively, "Midstream
Companies"). Constituents are chosen according to a three-tiered
proprietary weighting system developed by Cushing® Asset Management, LP. The
Cushing® MLP High
Income Index is calculated by S&P Dow Jones Indices and
reported on a real-time basis under the Bloomberg ticker
"MLPY".
ABOUT CUSHING® ASSET
MANAGEMENT AND SWANK CAPITAL
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,
providing active management in markets where inefficiencies
exist.
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) and The Cushing® MLP Market Cap Index
(Bloomberg Ticker: CMCI). For more information, please visit
http://www.cushingasset.com/indices.
Contact:
Jon Abel
214-692-6334
www.cushingasset.com
The Cushing® MLP
High Income Index (the "Index") is the exclusive property of Swank
Capital, LLC, and Cushing® Asset Management, LP,
which has contracted with S&P Opco, LLC (a subsidiary of
S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to
maintain and calculate 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 Swank Capital, LLC, and
Cushing® Asset
Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones
S&P nor any of their affiliates sponsor and promote the Index
and none shall be liable for any errors or omissions in calculating
the Index.
View original
content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-constituent-changes-to-the-cushing-mlp-high-income-index-301133802.html
SOURCE Cushing® Asset Management, LP and Swank Capital, LLC