DALLAS, June 19, 2018 /PRNewswire/ -- Swank Capital,
LLC and Cushing® Asset
Management, LP announce an upcoming interim change to
constituents of The Cushing® MLP High Income 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
|
Western Gas Equity
Partners, LP
|
WGP
|
|
|
Tallgrass Energy
Partners, LP
|
TEP
|
Shell Midstream
Partners, L.P.
|
SHLX
|
|
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 HIGH INCOME INDEX
The Cushing® MLP
High Income Index provides a benchmark that is designed to track
the performance of 30 publicly traded energy and shipping master
limited partnership (MLP) securities with an emphasis on current
yield. The securities are chosen for inclusion according to a
three-tier 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 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 Market Cap Index
(Bloomberg Ticker: CMCI) ), 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
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.
CUSH-MLPY
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SOURCE Cushing Asset Management, LP; Swank Capital, LLC