Preheat oven to 350 degrees and grease a 9x13-inch pan with cooking spray.
Combine water, sugar & cinnamon sticks in a pot. Bring to a boil then set aside.
Place a layer of toasted bread in the bottom of prepared pan.
Sprinkle half of the apple slices, raisins, pecans and cheddar cheese on top of bread.
Place another layer of toasted bread on top and repeat with remaining apple, raisin, pecan and cheese filling until pan is full. Do not add the final layer of cheese at this time.
Pour cinnamon and sugar mixture on top of the final layer, soaking entirely.
Bake uncovered for 15 minutes.
Add the final layer of cheese and bake for 5 minutes more.
Slice and serve immediately.