Place all ingredients except for the flour and baking soda into a saucepan. Bring to a boil, stirring to combine. Reduce heat and simmer for 10 minutes.
In a large bowl, whisk together the flour and baking soda. Pour the warm ingredients into the flour mixture and fold gently to combine.
Spray a bundt pan with nonstick cooking spray. Pour batter into the bundt pan and smooth the surface. Bake 1 hour and 10 minutes. Allow cake to cool in the pan. Turn out the cooled cake onto a serving dish and sprinkle with confectioner's sugar.