The gift will help pay off some of the debt incurred by the new Ren_e and Henry Segerstrom Concert Hall, which opened last fall. The donation brings the amount raised to $164 million, according to the Times. (The Driscolls have already given $1 million.)
The campaign is still trying to raise about $76 million to reach its goal of $240 million. OCPAC has borrowed $265 million to cover construction costs and some of the early interest payments, according to the Times.
Standard & Poor's awarded OCPAC's bonds an A rating, but noted that the center has "high debt levels" for an organization of its size. OCPAC will need to generate about $9.4 million a year to meet interest payments alone between now and 2026, according to the paper.
Mary Peloquin-Dodd, Standard & Poor's managing director for higher education and nonprofit bond ratings, told the Times that an A rating is "very good" for an arts organization.