Heat oven to 350°F. Grease 12-cup fluted tube cake pan with shortening; lightly flour (or spray pan with baking spray with flour). In large bowl, beat all cake ingredients with electric mixer on low speed 30 seconds. Beat on medium speed 2 minutes. Pour into pan.
Bake 40 to 50 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes; remove from pan to cooling rack. Cool completely, about 2 hours.
In large bowl, beat powdered sugar, 3 tablespoons butter, the cream cheese and 3 tablespoons of the syrup with electric mixer on low speed. Beat in enough of the remaining syrup to make a smooth, soft frosting that will flows down side of cake. Spread frosting over cake.