TortoiseEcofin Announces Constituent Changes Due to Corporate Action

Rhea-AI Summary

TortoiseEcofin announced that Hoegh LNG Partners LP (HMLP) will be removed from the Tortoise MLP Index following its merger with Hoegh LNG Holdings Ltd. This removal will occur at market open on September 26, 2022, without special rebalancing. Special rebalancings in the index address corporate actions like mergers when a constituent's weight exceeds 7.5%. The Tortoise MLP Index reflects publicly traded limited partnerships engaged in energy production and transportation.

Positive

• Removal from the Tortoise MLP Index indicates completion of merger with Hoegh LNG Holdings Ltd.

Negative

• Removal from the Tortoise MLP Index may lead to decreased visibility and liquidity for HMLP shares.

OVERLAND PARK, KS / ACCESSWIRE / September 19, 2022 / TortoiseEcofin today announced that Hoegh LNG Partners LP (XNYS:HMLP) will be removed from the Tortoise MLP Index^® (TMLP), as a result of the approved merger with Hoegh LNG Holdings Ltd. Due to the merger, HMLP will be removed from the index without special rebalancing at market open on Monday, September 26, 2022.

Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index's 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

About TortoiseEcofin

TortoiseEcofin focuses on essential assets - those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.

The Tortoise MLP Index^® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.

The Tortoise MLP Index^® is the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index® and the Tortoise North American Pipeline Index^SM (the "Indices"). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P^® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Contact Information

For more information contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com

SOURCE: TortoiseEcofin

View source version on accesswire.com:
https://www.accesswire.com/716519/TortoiseEcofin-Announces-Constituent-Changes-Due-to-Corporate-Action

FAQ

When will HMLP be removed from the Tortoise MLP Index?

Hoegh LNG Partners LP (HMLP) will be removed from the Tortoise MLP Index on September 26, 2022.

What triggered HMLP's removal from the Tortoise MLP Index?

The removal was triggered by the approved merger between Hoegh LNG Partners LP and Hoegh LNG Holdings Ltd.

What is the significance of HMLP's removal from the Tortoise MLP Index?

The removal signifies a corporate action that may impact HMLP's market visibility and trading liquidity.

How does the Tortoise MLP Index operate?

The Tortoise MLP Index is a float-adjusted, capitalization-weighted index of energy master limited partnerships.