Stir together first 6 ingredients in a large bowl.
Heat milk and butter in a large sauce-pan over medium-high heat until melted, stirring constantly. (Do not boil.)
Stir about one-fourth of hot milk mixture gradually into egg mixture; add to remaining hot milk mixture, stirring constantly.
Place bread cubes in a lightly greased 13- x 9-inch baking dish. Pour egg mixture evenly over bread. Press bread to absorb mixture.
Bake at 325° for 45 to 55 minutes. Remove from oven, and let stand 30 minutes before serving.
Serve with Bread Pudding Sauce.