Cut bacon into thirds. Wrap bacon around water chestnuts and secure with a toothpick. Place on a slotted broiling pan or a baking dish.

Bake at 375 degrees for 10 to 15 minutes, until bacon is cooked. Drain any grease. Place in a serving dish (we use a pie pan).

Mix together remaining ingredients and pour sauce over chestnuts. Place in broiler, and broil until sauce is bubbly (about 5 minutes). Keep an eye on them.