I recently came across the same situation with transparent backgrounds but the current examples are either not a solution but clues or a solution that doesn't work, so hereby a combined and working solution if anyone need it.
function imagecreater($width = 600, $height = 600) {
//Create an empty transparent image
$img = imagecreatetruecolor($width, $height);
imagealphablending($img, false);
imagesavealpha($img, true);
$transparent = imagecolorallocatealpha($img, 255, 255, 255, 127);
imagefill($img, 0, 0, $transparent);
//Text information
$text = "some text as example";
$font = "arialbd.ttf"
$fontsize = 26; //default font to be altered later
//simulate a complete text box and get the width
$bbox = imageftbbox($fontsize, 0, $font, $text);
$tbwidth = $bbox[2];
//Calculate different between our transparent image and text box
//I've added a little padding (20px) since the text sometimes crossing the edge..
$factor = (($width - 20) / $tbwidth);
//Alter font size with difference to fit fully image
$newfontsize = $fontsize * $factor;
//Find the horisontal center
$bbox = imageftbbox($newfontsize, 0, $font, $text);
$newheight = ($height / 2) + (($bbox[3] - $bbox[7]) / 2);
//Set Color of text
$color = imagecolorallocate($img, 200, 0, 0);
//Produce our image
imagettftext($img, $newfontsize, 0, 0, $newheight, $color, $font, $text);
//Copy image to file and free the cached image
$target = "testimage.png";
imagepng($img, $target);
imagedestroy($img);
}
As rwhite35 mentioning here, please keep in mind that GD 2.0 write font size is in points and not pixels.