Preheat oven to 350 degrees.
Cut bacon into halves or thirds, whichever amount of bacon you prefer (I prefer thirds). Wrap around individual waterchestnuts and stick with toothpick.
Place on foil-covered cookie sheet.
Bake 25 minutes then drain grease.
Mix ingredients together then spoon sauce on to cover each wrapped chestnut.
Bake additional 20 minutes.