Easy Caramel Popcorn

By ldelmas

Ingredients

• 1 pkg. (14 oz.) KRAFT Caramels
• 3 Tbsp. butter or margarine
• 1 Tbsp. water
• 12 cups air-popped popcorn
• 1 cup PLANTERS COCKTAIL Peanuts

Preparation

Step 1

PREHEAT oven to 300°F. Spray large baking sheet with cooking spray. Cook caramels, butter and water in large saucepan on low heat until caramels are melted, stirring frequently.

COMBINE popcorn and peanuts in large bowl. Add caramel mixture; toss to coat. Spread onto prepared baking sheet.

BAKE 20 min., stirring after 10 min. Spoon onto sheet of waxed paper; cool completely. Break into clusters.