Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® MLP Market Cap Index

Rhea-AI Summary

Cushing Asset Management and Swank Capital announced a change to the Cushing MLP Market Cap Index on April 30, 2021. Enable Midstream Partners (ENBL) and Energy Transfer (ET) have agreed to merge, pending approval from ENBL unitholders. A majority have already consented, allowing the merger to close as early as May 10, 2021. Consequently, ENBL will be replaced by Global Partners (GLP) in the Index after market close on May 7, 2021. No other constituents of the Index will be affected by this change.

Positive

• Majority of ENBL unitholders have approved the merger agreement.
• The merger may enhance operational efficiency and market positioning for ET.

Negative

• ENBL common units will cease to be publicly traded post-merger.

DALLAS, April 30, 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 February 16, 2021, Index constituents Enable Midstream Partners, LP (NYSE: ENBL) and Energy Transfer LP (NYSE: ET) announced that they had entered into an Agreement and Plan of Merger that, if approved by at least a majority of ENBL common unitholders, would result in ENBL common units ceasing to be publicly traded. The parties subsequently announced that a majority of ENBL common unitholders have delivered written consents approving the Merger Agreement and, accordingly, the merger closing may occur as early as May 10, 2021. Per the Index's methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on May 7, 2021, and effective on May 10, 2021, Global Partners LP (NYSE: GLP) will replace ENBL as a constituent of the Index at ENBL'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.

Contact:
Jon Abel
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.

 

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SOURCE Cushing® Asset Management, LP and Swank Capital, LLC

FAQ

What is happening with Enable Midstream Partners (ENBL) and Energy Transfer (ET)?

ENBL and ET have agreed to merge, subject to approval from ENBL unitholders, which has been granted.

When will the merger between ENBL and ET close?

The merger closing may occur as early as May 10, 2021.

What will happen to ENBL's position in the Cushing MLP Market Cap Index?

ENBL will be replaced by Global Partners (GLP) in the Index effective May 10, 2021.

What are the implications of the ENBL and ET merger for investors?

ENBL common units will cease to be publicly traded, impacting investor liquidity.

Does the Cushing MLP Market Cap Index change with the merger?

Yes, ENBL will be replaced by GLP in the Index after the merger closes.