I can do it in designer a lot quicker than I can explain it (took about 2 minutes).
Add text with good beefy font.
Add rectangle underneath but overlapping bottom of letters. Give Rectangle a carve region.
Select both text and rectangle. Right click and select outline patterns.*
Delete the patterns as you only want the outline.
Add cut path.
*I did move the dot for my letter "i" down to touch, gave carve region to all as you can only outline patterns, not simple vector paths.
CarveWright CX Packaged System - starting at $2000
CarversClub 1 Year Subscription - $150.00/year
Adv. Support w/out CC membership - $25.00/issue
CarveWright Community Forum - PRICELESS!