DALLAS, Nov. 26, 2019 /PRNewswire/
-- Cushing® Asset Management, LP, and Swank
Capital, LLC, announce an upcoming interim change to
constituents of The Cushing® MLP High Income Index (the
"Index"). On September 15, 2019,
Index constituents SemGroup Corporation (NYSE: SEMG) and Energy
Transfer LP (NYSE: ET) entered into an Agreement and Plan of Merger
("Merger Agreement") that would result in SEMG common shares
ceasing to be publicly traded, subject to the approval of the
holders of at least a majority of the SEMG common and preferred
shares. A special meeting of SEMG stockholders will be held on
December 4, 2019, for the purpose of
voting on the Merger Agreement. Per the Index's methodology guide,
this event will result in a constituent replacement. Accordingly,
after the market closes on December 4, 2019, and effective on
December 5, 2019, Magellan Midstream
Partners, L.P. (NYSE: MMP) will replace SEMG as a constituent of
the Index at SEMG's then-current weight.
There will be no changes to the remaining constituents of the
Index due to this event.
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), 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:
Brian Atwood
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