1. Combine first 5 ingredients in a shallow dish.
2. Heat a large nonstick skillet over medium heat. Coat pan with cooking spray. Working with 4 bread slices at a time, place bread slices into milk mixture, quickly turning to coat both sides. Remove bread slices from milk mixture. Add bread slices to pan; cook 2 minutes on each side or until lightly browned. Remove toast from pan. Repeat procedure with cooking spray, remaining 8 bread slices, and remaining milk mixture. Sprinkle powdered sugar evenly over toast.