DALLAS, Feb. 19, 2021 /PRNewswire/ -- Cushing® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to the constituents of The Cushing® MLP Market Cap Index (the "Index"). On December 14, 2020, Index constituent TC PipeLines, LP (NYSE: TCP) entered into an Agreement and Plan of Merger ("Merger Agreement") with TC Energy Corporation (NYSE: TRP) and affiliated companies that would result in TCP common units ceasing to be publicly traded, subject to the approval of the holders of TCP common units. A special meeting of the unitholders of TCP will be held on February 26, 2021, 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 February 26, 2021, and effective on March 1, 2021, Black Stone Minerals, L.P. (NYSE: BSM) will replace TCP as a constituent of the Index at TCP's then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
ABOUT THE CUSHING® MLP MARKET CAP INDEX
The Cushing® MLP Market Cap Index provides a benchmark that is designed to track the performance of widely held midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). 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 Midstream Companies. 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 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 High Income Index (Bloomberg Ticker: MLPY). For more information, please visit http://www.cushingasset.com/indices.
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.
SOURCE Cushing® Asset Management, LP and Swank Capital, LLC