wizofoz

The way I remember it is that you don't get to add cash when you sell/issue new equity under FCFE (or FCFF). It is cash that available but you are not allowed to.

For FCFF, we include bond holders so we cannot count funds related to them, in this case issuing new debt.

I cannot think of a logical reason its not included other than you would have to add equity issuance also then.