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Preheat oven to 350°F. Butter a 9-by-13-inch baking pan and line
with parchment, leaving a 1-inch overhang on long sides. Butter
parchment.
Place 4 1/2 cups pretzels in a food processor and pulse until
texture resembles coarse cornmeal. Transfer to a bowl and stir in
sugar and butter until well combined. Transfer to pan, spreading
evenly, and pack down flat with the bottom of a measuring cup.
Drizzle condensed milk evenly over crust. Sprinkle evenly with
peanuts, chocolate chips, and remaining 1 cup pretzels, gently
pressing them into milk.
Bake until chocolate melts and condensed milk bubbles and
becomes golden, 20 to 22 minutes. Cool completely in pan on a
wire rack, then refrigerate until chocolate is set, about 30 minutes.
Run a paring knife between bars and short sides of pan. Using
parchment overhangs, transfer to a cutting board. Cut into 20
squares.
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