Combine first 7 ingredients in a large bowl; stir well with a wire whisk until ingredients are blended. Pour batter into a 12- cup Bundt pan coated with cooking spray.
Bake at 350° for 1 hour or until cake begins to pull away from sides of pan. Cool in pan on a wire rack 15 minutes; remove cake from pan, and cool completely on wire rack. To serve, cut cake into 16 slices. Drizzle each slice with 1 tablespoon fudge topping.