1 (8-ounce) package Philadelphia cream cheese
1 1/2 cups granulated sugar, divided
4 large eggs
2 1/2 cups milk, at room temperature and divided
1 (15-ounce) can cream of coconut, divided
8 Tablespoons butter, melted and divided
1 (8-ounce) French bread loaf, cut into 1" cubes
Vegetable cooking spray
1/2 cup sweetened flaked coconut
1/2 cup chopped pecans
Preheat oven to 350°F.
Beat cream cheese at low speed with an electric mixer until creamy and smooth.
Add 1 cup sugar and eggs, and beat at medium speed 2 minutes or until sugar is dissolved.
Stir in 2 cups milk, 1 cup cream of coconut, and 3 Tablespoons melted butter.
Stir in bread cubes.
Let stand 5 minutes.
Coat a 13 x 9" baking dish with cooking spray.
Pour bread mixture into dish.
Bake at 350°F for 35 minutes or until set.
Stir together flaked coconut, pecans, and 3 Tablespoons melted butter.
Sprinkle coconut mixture over baked pudding and bake 5-8 minutes or until browned.
Stir together remaining 1/2 cup milk and 1/2 cup cream of coconut.
Cook remaining 1/2 cup sugar in a medium-size heavy saucepan over low heat, stirring constantly, 3 minutes or until sugar is caramelized and mixture becomes a light brown syrup.
Stir in milk mixture, and cook, stirring occasionally, 3 minutes or until sauce is thickened slightly and sugar is dissolved.
Stir in remaining 2 Tablespoons melted butter.
Serve with bread pudding.