Asparagus Pecan Bake

2 (15 ounce) cans asparagus spears or pieces, reserve liquid
1 can celery soup mixed in 1/3 cup asparagus liquid
1 (5 ounce) can water chestnuts, sliced
1/2 cup chopped pecans
2 cups Velveeta cheese, grated
Salt and pepper to taste

In a baking dish, layer 1/2 asparagus, 1/2 soup, 1/2 water chestnuts, 1/2 pecans and 1/2 cheese. Repeat layers.

Bake at 350 degrees F for 20 minutes.