Hi, Phil!
The
Candlelight Processional is my very favorite Christmas event anywhere, and I'm so sorry you won't be able to make it with your friends!
Reservations for Walt Disney World dining cannot be transferred to someone else, but when you made the reservation, you probably put your friends' name on the reservation when you made it. If the reservation cannot be rebooked in their name with the name of the people they'll take in your place, in my experience, there shouldn't be a problem with them using the existing reservation. They will have to provide your name when they check in at the podium, as you are the primary name on the reservation.
Know that because you made the reservation, and gave your credit card to guarantee it, in the event that they don't cancel at least the day before, you'll be on the hook for the no-show penalty. That's like getting of a lump of coal in your Christmas stocking.
I hope you're able to find another time to enjoy this incredible show!
Anna