BUENOS AIRES (Reuters) – Argentina said on Thursday it had exchanged treasury bonds in local currency for new instruments worth a total of 118.365 billion pesos ($1.76 billion) on the eve of a deadline for creditors to accept a massive debt restructuring offer.

The Economy Ministry said it swapped the treasury bonds for inflation-adjustable securities maturing in 2022, 2023 and 2024.

The ministry received 998 offers totaling $2.77 billion, it said.

The swap is part of Argentina’s effort to give itself breathing room to renegotiate a more significant level of international debt with its creditors.

Friday is the deadline for private bondholders to agree to Argentina’s restructuring proposal related to $65 billon in foreign debt.