Swank Capital and Cushing® Asset Management Announce Constituent Changes to the Cushing® MLP High Income Index

DALLAS, Feb. 5, 2016 /PRNewswire/ -- Swank Capital, LLC and Cushing^® Asset Management, LP announce a potential interim change to the constituents of The Cushing^® MLP High Income Index (the "Index"). Index constituents Targa Resources Corp. (NYSE: TRGP) and Targa Resources Partners LP (NYSE: NGLS) previously entered into an Agreement and Plan of Merger wherein NGLS would be acquired by TRGP, subject to the approval of both TRGP shareholders and NGLS unitholders. Under the terms of the proposed acquisition, TRGP would terminate the master limited partnership ("MLP") structure of NGLS and absorb it as a wholly-owned subsidiary within a C-corporation structure; consequently, TRGP would cease to have an interest as a holder of general partner or limited partner units in an MLP and, per the Methodology Guide for the Index, would no longer be eligible for inclusion in the Index.

Special meetings of the TRGP shareholders and NGLS unitholders are scheduled for February 12, 2016, commencing at 8:00 AM Central Standard Time for TRGP shareholders and 9:00 AM Central Standard Time for NGLS unitholders for the purpose of considering and voting on the proposed acquisition.

If the acquisition is approved, the following changes to the Index will take place after the market closes on February 12, 2016, and be effective on February 16, 2016:

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 acquisition 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), The Cushing^® MLP Market Cap Index (Bloomberg Ticker:  CMCI) and The Cushing^® Upstream Energy Income Index (Bloomberg Ticker:  CRTY).  For more information, please visit www.swankcapital.com/the-cushing-indices. 

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 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.

CUSH-MLPY

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

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