Preheat oven to 350° Fahrenheit. Line a 9x5" bread pan with parchment paper and spray with nonstick spray.
In a small bowl mix brown sugar, cinnamon and nutmeg.
Press or roll out biscuits into large ovals about 5" wide.
Brush butter onto one side of biscuit, then spread a tablespoon of sugar over biscuit. Spread apple pieces over sugar. Place some caramel bits with the apples.
Put a rolled out biscuit on top of apple topped biscuit. Repeat the sugar, apple and caramel layer. Put another biscuit on top. Carefully transfer the three layered biscuit into the bread pan, standing it up at one end. Brush butter over the end.
Repeat process until all biscuits have been used. You may need to push them tight together in the pan. Brush remaining butter over top of the biscuits.
Spread any remaining sugar, apple pieces and caramel bits around the top.
Cover with aluminum foil and place on rimmed baking sheet (ours sometimes drips off the side as it cooks so this will help keep your oven clean).
Bake covered for 50 min.
Uncover and bake another 20-30 minutes till the top is nice and browned. Check the middle to make sure it is completely cooked. To do this you can pull up in the center of the bread and check the interior dough and to ensure it is cooked. If it needs more time and is getting too brown, cover it with foil again. Ours took about 80-90 minutes total.
In a small bowl mix up the icing. Mix powdered sugar and vanilla, gradually add one tablespoon of milk at a time just till it is drizzling consistency.
Remove bread from oven and let cool 10 minutes in the pan. Remove from pan onto a wire rack to finish cooling. Spoon icing across the top.
Serve warm.
Store any leftovers in an airtight container at room temperature.
Notes
The calories shown are based on the loaf being cut into 12 pieces, with 1 serving being 1/12 of the bread. Since different brands of ingredients have different nutritional information, the calories shown are just an estimate. **We are not dietitians and recommend you seek a nutritionist for exact nutritional information.**