By Stephen Nakrosis

FedEx Corp. on Friday said it amended some existing credit agreements, which will enhance the company's "liquidity and financial flexibility during the ongoing Covid-19 pandemic," but which will also temporarily restrict the company from repurchasing shares or raising dividends.

The package delivery and business services company said the amendments involve a $2 billion, five-year credit agreement and a $1.5 billion, 364-day credit agreement, each dated as of March 17, 2020. The amendments "modify the definition of 'Consolidated EBITDA' used in the leverage ratio required to be maintained by FedEx at the end of each fiscal quarter pursuant to the Credit Agreements to exclude non-cash pension service costs," FedEx said, adding the amendments also temporarily increase leverage ratios.

Also, until May 31, 2021, FedEx is restricted from repurchasing shares of its common stock or increasing the amount of its quarterly dividend from 65 cents per share.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com