In large saucepan, combine 1 ¼ cups water, milk, margarine, pasta, Special Seasonings, spinach, pepperoni and onion. Bring to a boil; reduce heat to medium-low.

Gently boil uncovered, 6 to 7 minutes or until pasta is tender, stirring occasionally. Sauce will be thin. Let stand 3 to 5 minutes for sauce to thicken. Stir in cheese before serving.