Hebei Iron & Steel Group, parent of Hebei Iron & Steel Co Ltd<000709>, yesterday announced that it will issue RMB 5 billion in five-year notes on the interbank market on Sep. 13, sources reported.

The company said in a statement that this batch of notes will be issued at face value and the coupon rate. 

The proceeds from the issue will be used to replenish working capital and pay back bank loans, according to the firm.

China Cheng Xin International Credit Rating Co Ltd has rated the notes and the issuer as AAA and AAA, respectively.

China Development Bank has been assigned as the main underwriter for the sale.