Tortoise has announced that Tallgrass Energy, LP (TGE) will be removed from the Tortoise MLP Index® (TMLP) and the Tortoise North American Pipeline IndexSM (TNAP) following the completion of the merger with the private company, BIP Holdings Manager LLC, an affiliate of Blackstone Infrastructure Partners. Expected to be made effective at market open on 17 April 2020, but dependent on the closing of the merger, TGE will be removed from both indices.
For Tortoise MLP Index (TMLP), TGE will be removed from the index in a special rebalancing.
For Tortoise North American Pipeline Index (TNAP), TGE will be removed without a special rebalancing.
Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, and liquidations, in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.
Read the article online at: https://www.worldpipelines.com/business-news/15042020/tortoise-announces-expected-constituent-changes/
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