SmileDirect selling up to $725M in debt

Five-year notes will convert at price 45% above Friday’s level
Shares of SmileDirectClub have fallen 14 percent — giving up gains booked in the past two weeks — since company executives said early Thursday they will sell hundreds of millions of convertible debt.
Downtown-based SmileDirect said Thursday it planned to bring to market $350 million of convertible notes scheduled to mature in five years. Late in the day, they said the offering had grown to $650 million and that their investment banks have the option to sell another $97.5 million. The debt’s conversion price is about $18.06, about 40 percent above where SmileDirect closed Thursday after falling 10 percent. The stock (Ticker:

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