Changing blog address

Hi,
I created a subdirectory to build my new blog in. This is an additional blog, and will not replace my current one at this time. So, all is going fairly well and I prepare to go live last night, realizing that the address that my customers will see has the /testblog address. I want to change it to be something like /chapters-class

Do I just create a new subdirectory with that name and move all the files into it? Will all the links to the pages and post in there automatically repopulate with the new location?

I appreciate any advice on how to resolve this. I have to send out a newsletter to advertise it and I am embarrased that I didn’t think of this problem initially.

Thank you,
Kate