Heat oven to 350°F. In large bowl, mix cereals, raisins and pecans.
In 2-cup microwavable measuring cup, microwave butter uncovered on High 30 seconds to 1 minute or until melted; stir in honey, orange peel and cinnamon. Pour over cereal mixture, tossing to coat evenly. Spread evenly in ungreased broiler pan or 15x10x1-inch pan.
Bake 11 to 13 minutes or until mixture is glazed, stirring once during bake time. Spread on foil to cool completely, about 30 minutes. Store in tightly covered container.