Sept 16 (Reuters) - Virgin Australia Holdings Ltd VAH.AX :
* UPDATE ON VELOCITY FREQUENT FLYER
* ENTERED INTO A TERM SHEET WITH AFFINITY TO BUY BACK ITS 35% MINORITY INVESTMENT FOR $700 MILLION.
* COMPLETION OF TRANSACTION IS EXPECTED TO OCCUR BEFORE END OF 2019.
* ENTERED INTO A TERM SHEET WITH AFFINITY TO BUY BACK ITS 35% MINORITY INVESTMENT FOR $700 MILLION