Dallas, Texas (June 23, 2017) Swank Capital, LLC and Cushing® Asset Management, LP announce a potential upcoming interim constituent change to The Cushing® MLP High Income Index (the “Index”). On February 1, 2017, Index constituents ONEOK, Inc. (NYSE: OKE) and ONEOK Partners, L.P. (NYSE: OKS) announced an Agreement and Plan of Merger wherein OKS would be acquired by OKE, subject to the approval of both OKE shareholders and OKS unitholders. Under the terms of the proposed transaction, OKE would terminate the master limited partnership (“MLP”) structure of OKS and absorb it as a wholly-owned subsidiary within a C-corporation structure; consequently, OKE would cease to have an interest as a holder of general partner or limited partner units in an MLP and would, per the Methodology Guide for the Index, no longer be eligible for inclusion in the Index.
Special meetings of the OKE shareholders and OKS unitholders are scheduled for June 30, 2017, commencing at 9:00 AM Central Daylight Time for OKE shareholders and 10:00 AM Central Daylight Time for OKS unitholders for the purpose of considering and voting on the proposed transaction.
If the transaction is approved, the following changes to the Index will take place after the market closes on June 30, 2017, and be effective on July 3, 2017:
Potential Cushing® MLP High Income Index changes, effective July 3, 2017:
|Constituent Removed||Replacement Constituent|
|ONEOK, Inc.||OKE||NGL Energy Partners LP||NGL|
|ONEOK Partners, L.P.||OKS||American Midstream Partners, LP||AMID|
Each replacement constituent will be added at the then-current weight of the removed constituent. There will be no change to the remaining constituents of the Index.
If the transaction is not approved, there will be no change to the constituents of the Index.
ABOUT THE CUSHING® MLP HIGH INCOME INDEX
The Cushing® MLP High Income Index provides a benchmark that is designed to track the performance of 30 publicly traded energy and shipping master limited partnership (MLP) securities with an emphasis on current yield. The securities are chosen for inclusion according to a three-tier proprietary weighting system developed by Cushing® Asset Management, LP. The Cushing® MLP High Income Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker “MLPY”.
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® 30 MLP Index (Bloomberg Ticker: MLPX) and The Cushing® MLP Market Cap Index (Bloomberg Ticker: CMCI). For more information, please visit http://www.cushingasset.com/indices.
For additional information contact:
Source: Cushing® Asset Management, LP and Swank Capital, LLC
The Cushing® MLP High Income 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 maintain and calculate 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 Swank Capital, LLC, and Cushing® Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones S&P nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.