DALLAS, Nov. 13, 2014 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announced an interim change to the constituents of The Cushing® 30 MLP Index (the "Index"). Kinder Morgan, Inc. (NYSE: KMI) previously announced its intent to acquire Index constituents El Paso Pipeline Partners, L.P. (NYSE: EPB) and Kinder Morgan Energy Partners, L.P. (NYSE: KMP) and non-constituent Kinder Morgan Management, LLC (NYSE: KMR). In the proposed acquisition, KMI would terminate the master limited partnership (MLP) structures of EPB, KMP and KMR and absorb those entities as wholly-owned subsidiaries within a C-corporation structure; consequently, KMI would cease to have an interest as a holder of general partner or limited partner units in an MLP and would no longer be eligible for inclusion in the Index.
A special meeting of the unitholders of EPB and KMP is scheduled for November 20, 2014, for the purpose of approving the proposed transaction. Should the transaction be approved, each of KMI, EPB and KMP will be removed from the Index and replaced, respectively, by MarkWest Energy Partners, L.P. (NYSE: MWE), MPLX LP (NYSE: MPLX) and Sunoco LP (NYSE: SUN) after the markets close on November 20, 2014. The changes will be effective on November 21, 2014.
The remaining constituents of the Index will be unaffected.
ABOUT THE CUSHING® MLP INDEX
The Cushing® 30 MLP Index tracks the performance of 30 publicly traded MLP securities that hold midstream energy infrastructure assets in North America, chosen according to a proprietary fundamental scoring model developed by Cushing® Asset Management, LP to rank MLPs for potential inclusion in the Index. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "MLPX".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
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 which invest primarily in securities of MLPs and other natural resource companies.
Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing® MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY) and The Cushing® Upstream Energy Income Index (Bloomberg Ticker: CRTY). For more information, please visit www.swankcapital.com/the-cushing-indices.
The Cushing® 30 MLP Index (the "Index") is the exclusive property of 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 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; Swank Capital, LLC