1 (13 oz.) can sweetened condensed milk (Eagle Brand)
Melt 2 packages marshmallows with 1/2 cup butter. Mix with cereal. Pack 2/3 of the mixture into 10"x15" jelly roll pan. Melt caramels with condensed milk and remaining 1/4 cup butter. Pour over mixture in pan. Pat remaining 1/3 cereal mixture on top of caramel. Can dampen hands to spread cereal. Refrigerate. Cut into bars.