Preheat oven to 375-f degrees. Spray a large baking dish with cooking spray and set aside.
Cut the bacon into thirds. If you have a sharp knife, just slice through the packaging. Wrap each piece of cut bacon around a water chestnut and secure with a toothpick. Put in prepared baking dish. Continue until all the water chestnuts are wrapped in bacon and are in your baking dish.
In a bowl, combine the remaining sauce ingredients and stir well. Pour over the bacon wrapped water chestnuts.
Bake for 30-45 minutes. Ovens vary so check them at 30 minutes to be safe. Mine required 45 minutes of baking for the bacon to be cooked through.