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Bring sugar and cream to boil in saucepan on medium heat, stirring constantly. Simmer on low heat 6 min. Remove from heat. Add chocolate; stir until completely melted. Stir in butter and vanilla until blended. Cool chocolate mixture at room temperature until slightly thickened, stirring occasionally. Pour glaze quickly over cake while still warm, spreading over top and sides.
Recipe makes enough to frost tops and sides of 2 (8- or 9-inch) cake layers, top and sides of 13x9-inch cake, tops of 3 (8- or 9-inch) cake layers or 24 cupcakes.
Recipe can be halved.
Substitute evaporated milk for the whipping cream.
* Nutrition information is estimated based on the ingredients and cooking instructions as described in each recipe and is intended to be used for informational purposes only. Please note that nutrition details may vary based on methods of preparation, origin and freshness of ingredients used.