secwatch.observer — SEC 8-K summary
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Issuer:     Yext, Inc. (YEXT)
CIK:        0001614178
Form:       8-K
Filed at:   2024-07-29T23:59:59+00:00
Accession:  0001614178-24-000086
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Yext amends credit facility; replaces growth/quick ratio covenants with leverage and liquidity tests
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- Interest rate now based on SOFR plus 1.75%-2.25% or base rate minus 0.75%-1.25%, depending on leverage ratio.
- New financial covenants: consolidated total leverage ratio ≤3.00x and minimum liquidity ≥$35M, tested quarterly.
- Replaces prior consolidated quick ratio and recurring revenue growth rate covenants, providing more flexibility.
- Amendment dated July 26, 2024, with Silicon Valley Bank as administrative agent; no change to total commitment disclosed.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1614178/000161417824000086/0001614178-24-000086-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1614178/000161417824000086/yext-20240726.htm
  HTML page:      https://secwatch.observer/filing/0001614178-24-000086

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