Create a new document and type out some text with the Text tool (T). I used Clarendon Bold at 48 pt. Take off any stroke and fill on the text.
With the text still selected, choose Add New Fill from the pop-up menu of the Appearance panel. Fill the new fill with a reddish orange color. In the Appearance panel, press the drop-down arrow for the new fill to reveal its attributes. Press the Opacity link and change the Blending Mode to Multiply.
Create another new fill in the Appearance panel, select the bottom fill item, and fill it with a light yellow color. With the light yellow fill item selected in the Appearance panel, go Effect > Distort & Transform > Transform. In the Transform dialog, change the Horizontal Move to -2 px and the Vertical Move to 2 px.
Create another new fill, select the bottom fill item, and fill it with a light aqua color. With the aqua color fill item selected, go Effects > Convert to Shape > Rectangle. In the Rectangle dialog, select the Relative radial button, change the Extra Width value to 30 px and the Extra Height to 8 px. With the aqua fill item still selected, go Effects > Warp > Squeeze. In the Warp Options dialog, select the Horizontal radial button and change the Bend to 23.