Yext (YEXT) said Wednesday it closed a $200 million senior secured term loan facility with funds and accounts managed by BlackRock (BLK).

This new facility replaces Yext's revolving credit facility with Silicon Valley Bank, which was set to expire in late 2025, the company said.

In conjunction with the loan, Yext updated its financial outlook, saying it now expects fiscal Q1 results, which ended April 30, to exceed its previously issued guidance provided in early March.

Shares of Yext were up more than 3% in recent early trading.

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