Stir together first 5 ingredients in a heavy 3-quart saucepan. Bring to a boil over medium heat, stirring constantly. Boil, stirring constantly, 7 to 8 minutes or until a candy thermometer registers 234°.
Remove from heat, and vigorously stir in pecans. Spoon pecan mixture onto wax paper, spreading in an even layer. Let stand 20 minutes or until firm. Break praline-coated pecans apart into pieces. Store in an airtight container at room temperature up to 1 week. Freeze in an airtight container or zip-top plastic freezer bag up to 1 month.