Customers Limited will sell down its holding in Strategic Payment Services to reduce its debt and meet the requirements of its primary lender, Commonwealth Bank, the company told shareholders at the annual meeting heard yesterday.Bendigo and Adelaide Bank will provide a bridging loan of $5 million to Customers secured by a little less than half of Customers' one-third shareholding in SPS.SPS, a relatively new entrant into switching, has three equal shareholders; Customers, Bendigo and Adelaide Bank and MasterCard Worldwide. Bendigo also owns a stake of around nine per cent in Customers.The sale of the remainder of Customers' stake in SPS is under negotiation through the company did not identify the buyer.Customers has migrated processing of most of its automatic teller machine transactions to SPS and will continue to use its services.CBA requires Customers to slice $10 million of net debt of $46.2 million at June 2008 by the end of December. That debt was now around $45 million, Greg Monaghan, the company's chair, said yesterday. He said the Bendigo bridging loan, the trading surplus and if necessary further asset sales would fund the debt reduction. Monoghan said that it was the "current intention" to repay the Bendigo loan by way of shares when due in mid 2009.