Overland Park, Kansas / Accesswire / 30 November 2022 / TortoiseEcofin today announced that PBF Logistics LP (NYSE:PBFX) will be removed from the Tortoise MLP Index.® (TMLP), and the Tortoise North American Pipeline IndexSM (TNAP), as a result of its approved merger with PBF Energy Inc (NYSE:PBF). As part of the transaction, PBF will acquire all unpaid common units representing his limited partner’s interest in PBFX effective December 1, 2022. The acquisition will remove PBFX from both indices at his market open on Thursday, December 1. January 1, 2022.
For Tortoise MLP indexes® (TMLP), PBFX will be removed in a special rebalance. PBFX Excluded from Tortoise North American Pipeline IndexSM (TNAP) No special rebalancing.
A special rebalancing in each of the TMLP and TNAP is triggered by corporate actions such as mergers, bankruptcies, liquidations, conversions, etc., where the weight of a single constituent crosses the index’s 7.5% threshold and the target constituent weight exceeds a certain weighting threshold. Ad-hoc rebalancing implementations follow existing methodologies.
About Tortoise Ecofin
TortoiseEcofin focuses on essential assets – assets and services that are vital to the economy and society. We strive to have a positive impact on our clients and communities by investing in energy infrastructure and clean energy transitions and providing capital for social impact projects focused on education and senior housing. I’m here. TortoiseEcofin brings together a strong legacy from Tortoise, which has over 20 years of expertise in investing across the energy value chain, and Ecofin, which has roots in the early 1990s, integrating ecology and finance. For more information, please visit www.TortoiseEcofin.com.
Tortoise MLP Index® is a float-adjusted market capitalization weighted index of the Energy Masters Limited Partnership (MLP). The index consists of publicly traded companies organized in the form of limited liability partnerships or limited liability companies engaged in the transportation, production, processing and/or storage of energy commodities.
Tortoise North American Pipeline IndexSM is a float-adjusted market capitalization weighted index of pipeline companies organized in the United States or Canada and having a principal place of business. A pipeline company must either 1) be assigned a Standard Industry Classification (“SIC”) system code indicating that it operates in the energy pipeline industry, or 2) have at least 50% of its assets and cash flow. is defined as a company that or income related to operating or owning an energy pipeline. Pipeline companies are engaged in the transportation of natural gas, crude oil and refined products, the storage, collection, processing of such gases, petroleum and products, and regional gas distribution. The index includes pipeline companies, limited liability companies and master limited partnerships (MLPs) structured as corporations.
Tortoise MLP Index® Tortoise North American Pipeline IndexSM The Tortoise MLP Index® and Tortoise North American Pipeline Index are the exclusive property of TIS Advisors, which has contracted S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index® and Tortoise North American Pipeline Index.SM (“index”). The indices are not sponsored by S&P Dow Jones Indices, its affiliates, or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices is not responsible for any errors or omissions in index calculations. “Calculated by S&P Dow Jones Indices” and related stylized marks are service marks of S&P Dow Jones Indices and are 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 does not constitute an offer of security, product or service. The addition, deletion or inclusion of any security in any index is not a recommendation to buy, sell or hold such security, nor does it constitute investment advice. The information contained in this document is current as of the date of publication. Tortoise makes no representations as to the accuracy or completeness of these materials and accepts no responsibility for direct or consequential damages resulting from errors or omissions in this document. This methodology involves rebalancing and maintenance of the index on a regular annual basis and may not reflect real-time information.
safe harbor declaration
This press release does not constitute an offer to sell or a solicitation to buy, nor does the sale of these securities constitute an offer, solicitation or sale that would be unlawful prior to registration or qualification under United States law. not made in any state or jurisdiction. such state or jurisdiction.
contact address
For more information contact Jen Ashlock (913) 981-1020 or [email protected].
sauce: turtle coffin
