TortoiseEcofin Announces Constituent Changes Due to Corporate Action

Rhea-AI Summary

TortoiseEcofin announced that Sprague Resources LP (NASDAQ:SRLP) will be removed from the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its merger with Hartree Partners LP. This removal takes effect at market open on September 1, 2022, without special rebalancing. The decision follows criteria for corporate actions that affect index constituents. Both indices are focused on energy infrastructure and related services.

Positive

• Merger with Hartree Partners LP may enhance operational capabilities and market position.

Negative

• Removal from Tortoise MLP Index and Tortoise North American Pipeline Index could negatively affect SRLP's visibility and investor interest.

OVERLAND PARK, KS / ACCESSWIRE / August 31, 2022 / TortoiseEcofin today announced that Sprague Resources LP (NASDAQ:SRLP) will be removed from the Tortoise MLP Index^® (TMLP), and the Tortoise North American Pipeline Index^SM (TNAP), as a result of the approved merger with an affiliate of Hartree Partners LP. Due to the merger, SRLP will be removed from both indices at market open on Thursday, September 1, 2022. SRLP will be dropped from both indices without special rebalancing.

Special rebalancings in each of TMLP and TNAP 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 North American Pipeline Index^SM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification ("SIC") system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).

The Tortoise MLP Index^® and the Tortoise North American Pipeline Index^SM are 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/714214/TortoiseEcofin-Announces-Constituent-Changes-Due-to-Corporate-Action

FAQ

What happened to Sprague Resources LP (SRLP) on September 1, 2022?

Sprague Resources LP (NASDAQ:SRLP) was removed from the Tortoise MLP Index and the Tortoise North American Pipeline Index due to its merger with Hartree Partners LP.

Why is SRLP removed from the Tortoise MLP Index?

The removal is a result of the approved merger with Hartree Partners LP, which meets the criteria for corporate actions that trigger constituent changes.

How does the merger with Hartree Partners LP affect SRLP?

The merger may enhance SRLP's operational capabilities and market position, but also negatively impacts its visibility following removal from key indices.

What are the Tortoise MLP Index and Tortoise North American Pipeline Index?

These indices consist of energy master limited partnerships and pipeline companies, respectively, and track their performance in the market.