Heat to 350F. Grease and flour 12 cup fluted tube pan. Blend cake ingredients until moistened. Beat 2 min. At highest speed. Pour into pan. Bake for 30-35 minutes. In small saucepan, heat sugar, nutmeg, butter and water until mix boil and sugar is melted. Remove from heat and add rum. Pour 1/2 of glaze around edges of hot cake. Cool upright in pan 5 min. Then turn onto serving plater. Pour remaining glaze over top of cake.