Nov. 14 (Bloomberg) -- Realogy Corp., owner of the Century 21 and Coldwell Banker brands, is at risk of violating the terms of its bank loans and offered to exchange bonds at a discount for new debt.

A drop in home sales and prices ``will negatively affect the quarterly calculation of our senior secured leverage ratio,'' Parsippany, New Jersey-based Realogy said in a filing dated yesterday. ``There can be no assurance that we will not violate this or other covenants.''

To contact the reporters on this story: Caroline Salas in New York at csalas1@bloomberg.net; Pierre Paulden in New York at ppaulden@bloomberg.net

Last Updated: November 14, 2008 09:00 EST