TortoiseEcofin announces constituent changes due to Corporate
OVERLAND PARK, KS / ACCESSWIRE / November 30, 2022 / TortoiseEcofin announced today 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, effective December 1, 2022, PBF will acquire all outstanding principal units representing limited partnership interests of PBFX that it does not already own. Due to the acquisition, PBFX will be removed from both indices at market open on Thursday, December 1, 2022.
For the Turtle MLP Index® (TMLP) PBFX will be removed with a special rebalancing. PBFX will be removed from the Tortoise North American Pipeline IndexSM (TNAP) without special rebalancing.
Special rebalances in TMLP and TNAP are triggered by corporate actions such as mergers, bankruptcies, liquidations and conversions where the resultant weight of an individual constituent exceeds the 7.5% threshold of the Index and the constituent’s target weight exceeds certain weight thresholds. Specific rebalancing is performed in accordance with existing methodologies.
About Tortoise Ecofin
TortoiseEcofin focuses on essential assets – those assets and services that are essential to business and society. We strive to make a positive impact on customers and communities by investing in energy infrastructure and the clean energy transition, and providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together the strong legacy of Tortoise with over 20 years of experience in investing in the energy value chain and Ecofin, which combines ecology and finance and has roots dating back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.
The Turtle MLP Index® is a float-adjusted, capitalization-weighted index of master limited partnerships (MLPs) in the energy sector. The index consists of listed companies…