Preheat oven to 325 degrees F. Line an extra large baking sheet (or two smaller baking sheets) with foil and spray with cooking spray.
Spread cereal and pecans on prepared baking sheets. Set aside.
Pour caramel mixture over cereal and nuts; toss to coat.
Bake for 8 minutes. Remove from oven, stir, and bake for an additional 8 minutes.
Allow to cool, breaking apart any large clumps with a wooden spoon or spatula.