Heat oven to 350°F or 180°C.
Grease and flour a bundt baking pan. Cream butter in a large mixer bowl with the sugars, add eggs and then add all the other ingredients. Mix at low speed for 30 seconds or so and then beat at high speed for 2 - 3 minutes, scraping the sides of the bowl constantly.
Pour into the baking pan and cook for 35 - 40 minutes until a toothpick inserted in the middle comes out clean.
Mix frosting ingredients together thoroughly and drizzle over the cake when it has cooled.